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Tuesday, 5 April 2016

Global Market for Hemoglobin A1c Testing Devices to Reach US$1.9 bn due to Rapid Commercialization of Home Testing Devices

Hemoglobin A1c is a hemoglobin test that primarily identifies the three-month average plasma glucose concentration. This test also helps in determining the type of diabetes and then gauge how well a person is managing diabetes. Hemoglobin A1c is also known by many other names, such as glycosylated hemoglobin, HbA1c, and glycated hemoglobin. The hemoglobin A1c test calculates the average of the blood sugar control over the previous 2 to 3 months and is used to make alterations in the dosage of diabetes medicines. Thus, most medical experts are recommending the use of these devices, which give precise results and help in monitoring blood sugar levels effectively, for diabetic patients.

According to a research study by Transparency Market Research, in 2012, the global market for hemoglobin A1c testing devices was valued at US$0.9 bn and is estimated to reach a value of US$1.9 bn by the end of 2019. The market is projected to register a significant 10.30% CAGR between 2013 and 2019.

The tremendously rising number of diabetic patients, rising geriatric population, and proven benefits of hemoglobin A1c testing are some of the major factors that are expected to boost the demand for hemoglobin A1c testing devices globally in the next few years. In addition, the lucrative market opportunities in several developing nations and rapid commercialization of these devices for diagnosis of diabetes are some of the opportunities for the players operating in the global market for hemoglobin A1c testing devices.

On the flip side, the presence of viable substitutes and high costs of the test are the restraining factors that are projected to curb the growth of the market in the near future.

Point-of-care Testing Devices Segment to Register High Growth Rate between 2013 and 2019

The global market for hemoglobin A1c testing devices can be classified on the basis of application into point-of-care testing devices and laboratory testing devices. In 2012, the laboratory testing devices segment dominated the market, accounting for a 66.2% share in the overall hemoglobin A1c testing devices market. This segment is estimated to remain in the leading position in the next few years; nevertheless, the point-of-care testing devices segment is also expected to witness a high growth rate in the same period.

Furthermore, on the basis of technology, the global market for hemoglobin A1c testing devices can be divided into: